Partner X is leaving and a new partner is joining the firm. The revaluation account after all the assets
And liabilities were adjusted to their fair value has a debit balance carried down of £80,000. Assuming
There are two partners X and Y, sharing the profits and losses equally.
What is the double entry to clear the revaluation account?

Question

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The Answer of Partner X is leaving and a new partner is joining the firm. The revaluation account after all the assets
And liabilities were adjusted to their fair value has a debit balance carried down of £80,000. Assuming
There are two partners X and Y, sharing the profits and losses equally.
What is the double entry to clear the revaluation account?

Partner X Is Leaving and a New Partner Is Joining